Sky Mavis has revealed that approximately $625 million worth of cryptocurrency has been stolen from its Ronin Network that supports its flagship blockchain title, Axie Infinity.
The funds stolen consist of 173,600 Ethereum (ETH), which at the time was valued at almost $600 million, and 25.5 million USDC, a cryptocurrency pegged to the US dollar. It is worth noting that since the time of the announcement the value of ETH has fallen.
Sky Mavis stated that the attack on its Ronin Network took place on March 23 2022, and was first noticed on March 29 when a user could not withdraw 5,000 ETH from the Ronin bridge.
"Here for the long term"
At present, the company has said that the majority of stolen funds have yet to leave the attacker’s account.
The firm has stated that it is working with law enforcement to recover the stolen funds from the hacker and that it will make sure that all of funds are either recovered, or reimbursed.
Since the attack, Sky Mavis has halted its Ronin bridge and Katana Dex meaning that users cannot currently access their funds. Despite what may be one of the largest cryptocurrency hacks to date, Sky Mavis has stated that it is "here for the long term and will continue to build".
Recently valued at $3 billion, Sky Mavis is one of the largest cryptocurrency game operators, with Axie Infinity being one of the most popular blockchain games on the market. However, the cryptocurrency hack may cause users to lose faith in the security of their funds stored in Sky Mavis’ economy, and may harm the firm in the long run.